Samsung reported its financial results for the third quarter of 2023, following the preliminary figures released at the beginning of the month. Total sales amounted to 67.40 trillion won, showing a decrease of 12% compared to the same quarter last year but an increase of 12% compared to the second quarter of 2023. Operating profit declined to 2.43 trillion won, while net profit reached 5.84 trillion won, driven by investment gains and tax benefits.
Samsung attributed the main factors affecting revenue to the launch of new smartphones and increased sales of premium display panels. The memory business unit also showed improvement with reduced losses. Samsung believes that this business segment will further improve in the current quarter through year-end promotions, new product releases, and the demand for products to support Generative AI.
Looking ahead to 2024, Samsung expects the overall economy to remain volatile, but anticipates a recovery in the memory market driven by high demand for efficient products. The Foundry business will start producing 3 nanometer GAA chipsets next year, while the smartphone group will focus on increasing sales of high-end products.
TLDR: Samsung reported a decrease in total sales for Q3 2023 compared to the same period last year, but an increase compared to the previous quarter. The company’s operating profit declined, but net profit remained positive due to investment gains and tax benefits. Samsung attributed the revenue impact to the launch of new smartphones and increased sales of premium display panels. Looking ahead, the company expects a recovery in the memory market in 2024 and plans to produce advanced chipsets and focus on high-end smartphone sales.